Excellent business opportunity for this turnkey Banquet Facility, Restaurant Lounge located in an active area of Northern New Jersey. The owner is retiring and will consider financing to a qualified buyer. The business has multiple venues, which offers banquet services, a popular lounge, and a fully equipped restaurant. The sale includes the real estate with additional income from residential rental units. Elegant or casual, wonderfully banquet facility that supplies weddings / affairs and offers a spectacular ambiance, five-star cuisine, polished service and stunning table design. Their professional event consultants will help you to visualize and orchestrate the wedding of your dreams. They invite you to tour their beautiful park-like setting, fanciful gazebos, sparking waterfalls, enclosed chapels, and a magnificent ballroom. Their award-winning chefs possess an unlimited repertoire of fabulous menus, and our imaginative culinary team takes great pride in offering seasonal selections expressly created for your special day. Family owned and operated for many years; the business offers a magnificent setting for weddings, corporate functions and social events of all kinds. Whether you are planning an intimate gathering or lavish affair, it is their pleasure to help you create an event that will dazzle your guests... and exceed your expectations. They have built a reputation for uncommon quality, exemplary service, and extraordinary value. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent and dependable investment return to the owner operator prior to debt service. This business opportunity requires government agency approval to purchase due to the liquor license. The facility consists of 12,500 square feet with a modern, attractive appearance. This business opportunity is located on a commercial avenue in Northern New Jersey, Warren County, which consists of various affluent communities with continued demand for this particular service. This retail business has ten full & part time employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $10,800. The business is located in a free stranding facility which consists of 12,500 square feet and has a capacity for approximately two hundred and fifty customers. The sale consists of a fully equipped Banquet facility, Pub / Restaurant which includes a consumption liquor license, full commercial kitchen, refrigeration & freezer units, POS system, displays, shelving, tables, computers, fire suppression system including all the necessary equipment to maintain the day to day business operation and a list of assets will be supplied to purchaser upon request. The facility has appropriate private parking on site as part of the sale. The banquet facility is active based on scheduled parties; the restaurant is presently closed, and the lounge is open weekend only with hours from 4:00 am to 1:00 am. The sale includes a certificate of occupancy from the particular municipality, state issues liquor license and the required state or city food licenses to conduct its day to day business. The owner will remain post-closing in order to supply an appropriate training & transitional period to the new operator. The owner is retiring after many years in this industry. The business presently has a limited marketing plan, poor web site and if improved can further develop the business bottom line net income. To the best of our knowledge, due to various circumstances, no other new competitors are expected near to this business, and the owner has agreed to supply a long term non-compete agreement to the purchaser. The 2015 yearly gross income is $900,000, and the business has a yearly net income of $120,000 based on an onsite owner operator and prior to debt service. The business has been valued at $1,200,000, based on a multiple of the average net yearly income, plus real estate, which includes the value of the specific business assets and seller financing has been approved to a qualified buyer with an appropriate down payment, collateral, and credit rating. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business opportunity.

Facilities:

The facility consists of 12,500 square feet with a modern, attractive appearance. This business opportunity is located on a commercial avenue in Northern New Jersey, Warren County, which consists of various affluent communities with continued demand for this particular service.

Competition:

To the best of our knowledge, due to various circumstances, no other new competitors are expected near to this business and the owner has agreed to supply a long term non-compete agreement to the purchaser.

Growth Potential:

The business presently has a limited marketing plan, poor web site and if improved can further develop the business bottom line net income.

Training/Support:

The owner will remain post-closing in order to supply an appropriate training & transitional period to the new operator.

Seller Financing:

Seller financing is available to qualified buyers.

Sale Reason:

The owner is retiring after many years in this industry.

Ad #86380

Seller Reference #CATR129

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